Rupert Murdoch facing BSkyB defeat as (all political) parties unite in call to drop takeover

[Turborama]

Source: The Guardian

David Cameron backs Labour motion urging Murdoch to withdraw £8bn takeover bid in wake of phone-hacking scandal

Patrick Wintour, political editor | Wednesday July 13 2011

Rupert Murdoch will today face the humiliation of the Commons issuing a unanimous all-party call for his scandal-ridden News Corporation to withdraw its £8bn bid for BSkyB, the great commercial prize he has been pursuing to cement his dominance of the British media landscape.

In an extraordinary volte-face, David Cameron will disown the media tycoon by leading his party through the lobbies to urge him to drop the bid. Murdoch can defy parliament and press ahead with the bid, prompting a Competition Commission inquiry, but he risks finding himself ostracised by a political class that once scrambled to bend to his wishes.

Cameron will also announce today that a judge is to oversee a full-blown inquiry into phone hacking, and that a panel will examine the future regulation of the media. The judge – who will be named today – will lead the main inquiry into the hacking allegations, which is expected to be modelled on the Hutton inquiry into the death of Dr David Kelly in 2003.

It is understood that the inquiry will also examine the relationships between police and the press, and politicians and the press. The inquiry will not sit in public until the criminal investigation has completed its course.

Read more: http://www.guardian.co.uk/media/2011/jul/12/rupert-murdoch-bskyb-news-international

[tabatha]

1. Good.

A nicer thing could not have happened to a nicer guy.

:sarcasm:

[freshwest]

2. Great! Kick him out, Brits!

[aquart]

3. That may be the sweetest thing I've heard all year.

But I'm very hot today and I really can't assess well.

[Kingofalldems]

4. Kick and Rec to the top

[Duppers]

5. New Corp. has lost $7 + Billion in the last 4 days !!!

http://www.businessweek.com/news/2011-07-12/news-corp-s-lost-7-billion-shows-hacking-concern-growing.html

Unfortunately, this is less than 15% of their market share.

[Lucky Luciano]

7. Not only that, but they announced they would increase a $1.8B stock buyback

...to $5B. That jolted the stock a lot this morning, but it ended down 1%. nice to see that. Of course, they ate not obligated to complete the $5B buyback, so it might have just been theatre on their part and overconfidence.

[Duppers]

9. I hope the slide keeps going as the investigation heat up

If both sides of the Alantic would squeeze Murdoch, his filthy empire would fall. IF.

But I don't think Eric Holder will prosecute here. :(




Human nature is so disappointing, that I wish I could just be a nihilist. But by nature, I'm the opposite: I'm a democrat--I care.

[ceile]

6. Turn on Current TV if you can

Keith has a great interview going on.

[Frank Cannon]

8. Well, as that star of Fox TV so eloquently said...